JPMorgan stands by Nikola 'buy' rating following chairman Trevor Milton's departure
CEO and founder of U.S. Nikola Trevor Milton attends a news conference held to presents its new full-electric and hydrogen fuel-cell battery trucks in partnership with U.S. Nikola, at an event in Turin, Italy, December 3, 2019.JPMorgan is standing by its"buy" rating for Nikola, even as the executive chairman and founder Trevor Milton resigned.
Analysts from the firm wrote that the stock of the electric-truck company may not be fully pricing in a"successful execution of the multi-year growth strategy," which would yield $1.6 billion Ebitda in 2027."Milton's resignation could weigh on some of the partner and customer relationships he has forged, and employee morale is probably fragile right now," the JPMorgan team wrote.
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